UPDATE: Deutsche Bank Upgrades L-3 Communications to Buy

According to Deutsche Bank, L-3 Communications LLL is upgraded to Buy. Deutsche Bank said that the likely absence of incremental new negative information in defense spending could be an opportunity to look Following the 21% decline in LLL shares over the past 6 months (vs. -5% for the S&P and -6% for the rest of the defense primes), LLL currently trade at just 7.9x our 2012E EPS (7.5x on 2013E EPS), a 15% discount to the defense group compared to LLL's historical average of trading in-line with its peers.for some value, with our preferred pure-play being L-3 Communications (LLL) where we are upgrading to Buy from Hold.“ L-3 Communications closed yesterday at $66.91.